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Republican legislators passed a reconciliation act that reverses parts of the Inflation Reduction Act (IRA). The bill, approved 218-214 with two Republicans voting no, now awaits President Donald Trump’s signature.
Renewable energy sources like solar, wind, and clean hydrogen will see a reduction in incentives under the new bill. On the other hand, nuclear and geothermal energy will benefit from preserved IRA benefits.
Solar and wind developers will have to either connect to the grid by the end of 2027 or start new projects within 12 months of the bill’s passage to access tax credits.
The data center sector is expected to be significantly impacted by the new bill. Solar, wind, and batteries have been crucial for hyperscalers and developers to quickly obtain cost-effective power. However, with new regulations, the timeline for completing solar farms could be delayed.
Climate tech startups, particularly green hydrogen companies, are also likely to face challenges. Tax credits for green hydrogen, for example, are set to expire earlier than scheduled, potentially impacting the industry.
Despite the negative impact on renewables, geothermal, nuclear, and battery storage will benefit from extended tax incentives until 2033. However, new regulations related to “foreign entities of concern” could make it harder to access these tax credits.
